RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of January 9, 1997 No. 2959

About approval of the Procedure for relations of the State fund of development of transport and communication of Turkmenistan with the ministries and departments entering into Fund and the Government budget of Turkmenistan

Due to the creation of the State fund of development of transport and communication of Turkmenistan and for the purpose of optimum accumulating and distribution of financial resources in the priority directions of development programs of these industries I decide:

Approve the enclosed Procedure for relations of the State fund of development of transport and communication of Turkmenistan with the ministries and departments entering into Fund and the Government budget of Turkmenistan.

Approved by the resolution of the President of Turkmenistan of January 9, 1997, No. 2959

Procedure for relations of the State fund of development of transport and communication of Turkmenistan with the ministries and departments entering into Fund and the Government budget of Turkmenistan

1. All revenue from cumulative (manatny and currency) the income of the companies of industries of transport and communication from all types of activity, charges for entrance and following transit in the territory of Turkmenistan, income gained from promotional fees, share issue, voluntary contributions of the companies, public organizations, citizens, foreign legal entities and physical persons goes to the State fund of development of transport and communication of Turkmenistan (the Fund is referred to as).

2. Taxpayers and obligatory payments in the Government budget of Turkmenistan are the ministries and departments entering into Fund, and their divisions on places.

Taxes and obligatory payments in the budget are made in accordance with the established procedure according to the current legislation of Turkmenistan.

3. Fund in 3rd dnevny time after revenues to its accounts of currencies ache and manatny revenue lists to the ministries and departments which are part of Fund, funds in manats for expense recovery according to the approved standard rates taking into account payments in the Government budget of Turkmenistan and the amount of the additionally accrued payments by results of reconciliation for previous period.

The specified standard rates are estimated taking into account production and financial specifics of each industry, procedure for accumulating and distribution of financial resources on industries and departments, proceeding from the costs included in cost, profitability and payments in the budget.

4. For ensuring functional balance of production cycles with Fund the procedure for advancing, the reporting under the actual amount of services is determined and the scheme of financing of the corresponding production cycles is constituted together with the ministry mi and departments.

5. Standard rates affirm the Chairman of the board of directors of Fund in coordination with the Ministry of Economics and finance of Turkmenistan and if necessary can quarterly be reviewed.

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